realestate

Minority Real Estate Development Initiative Shows Promise, Room for Growth

Associates in Commercial Real Estate offers classroom training, hands-on projects, and professional networking opportunities.

A
Milwaukee program aimed at training people of color for careers in real estate development has shown promise but also room for improvement according to a recent study. The 26-week Associates in Commercial Real Estate (ACRE) program offers classroom instruction, project-based learning and networking opportunities with industry professionals.It was initially launched by Marquette University in 2004 before being taken over by Local Initiatives Support Corp.-Milwaukee, a nonprofit focused on community development issues.ACRE has had over 300 participants including elected officials, developers and civic leaders. Of the 56 graduates who responded to a survey, 45 are now working in real estate-related occupations, with 12 of them employed as developers or for development companies.The combined value of properties developed by ACRE alumni is at least $135 million, featuring over 1,700 housing units.Most respondents found the program valuable, but many suggested improvements such as individualized mentorship, internships and continuing education. The study concluded that while ACRE has helped diversify Milwaukee's real estate industry, it has been less successful in preparing graduates to work directly as developers or increase development in disinvested neighborhoods.

Diverse group discusses real estate development opportunities, potential growth.